Press Release

IRVINE, Calif.--(BUSINESS WIRE)--
Opus
Bank (NASDAQ: OPB) announced today that Paul G. Greig, who has
served as Chairman of the Opus Bank Board of Directors since January
2018, has been appointed Interim President and Chief Executive Officer,
effective November 26, 2018. Mr. Greig succeeds Stephen H. Gordon, who
resigned as President and Chief Executive Officer of Opus Bank and as a
member of Opus Bank’s Board of Directors, effective the same date. Mr.
Greig will continue as Chairman of the Board.

The Opus Bank Board of Directors has retained Korn Ferry, a leading
executive search firm, to begin immediately the process of identifying a
permanent CEO.

Mr. Greig joined Opus Bank’s Board of Directors in April 2017 and was
appointed Lead Independent Director in May 2017 before becoming
Chairman. He has decades of leadership experience with significant
operational and financial expertise, most recently serving as Chairman,
President and CEO of FirstMerit Corporation and its wholly owned bank
subsidiary, FirstMerit Bank N.A., which operated in five states. During
his tenure, FirstMerit grew from $10 billion to $26.5 billion in assets,
both through organic growth and acquisitions. Mr. Greig also previously
served as President and Chief Executive Officer of Charter One Bank,
Illinois and President and Chief Executive Officer for Bank One
Corporation, Wisconsin and for JPMorgan Chase Wisconsin following its
acquisition of Bank One.

“I look forward to working closely with the Opus Bank Board and
management team to advance our objectives – enhancing shareholder value
and building Opus Bank into one of the leading commercial banks in the
western region,” said Mr. Greig. “As one of the market-leading
multifamily lenders on the West Coast and with the recent buildout of
our Commercial Banking team, we need to more effectively execute on our
existing strategic priorities to drive profitability and deepen client
relationships as the Bank continues its maturation to the next stage.
Most importantly, I am confident in our team's ability to continue
providing our clients with the sophisticated products, solutions and
personal service that they have come to expect from us, as well as to
giving back to the communities we have the privilege of serving.”

Mark E. Schaffer, Chairman of the Opus Bank Board Nominating and
Corporate Governance Committee, said, “The Board believes that new
leadership will help restore growth momentum to the Bank, enabling us to
deliver strong results consistent with our existing strategic plan while
maintaining an appropriate risk profile. In the interim, we are grateful
to have a proven leader of Paul’s caliber and experience to step into
the CEO role. As Chairman of the Board, Paul already has significant
familiarity with our Bank and its strategy and an existing appreciation
for Opus Bank’s strengths and dedicated team members. We are confident
that Paul is the right person to lead Opus Bank while we focus on
selecting a successor CEO to guide Opus Bank through its future growth.”

About Paul G. Greig

Mr. Greig formerly served as Chairman, President and CEO of FirstMerit
Corporation and its wholly-owned bank subsidiary, FirstMerit Bank N.A.,
from 2006 until its merger with Huntington Bancshares Incorporated in
August 2016. From 2011 to 2013, Mr. Greig served as a director of the
Federal Reserve Bank of Cleveland and from 2014 until 2016 as a Member
of the Federal Reserve’s Federal Advisory Council, including as Vice
President of the Council in 2016. From 2005 to 2006, Mr. Greig served as
President and Chief Executive Officer of Charter One Bank, Illinois.
From 1999 to 2005, Mr. Greig served as President and Chief Executive
Officer for Bank One Corporation, Wisconsin and for JPMorgan Chase
Wisconsin from 2004 to 2005 following its acquisition of Bank One. Mr.
Greig began his banking career with American National Bank in 1978. Mr.
Greig’s philanthropic and board activities have included serving as
Member of the Executive Committee for the Mid-Size Bank Coalition of
America, Board Member of the American Bankers Association, Member of the
Board of Trustees for the Cleveland Orchestra’s Musical Arts
Association, and Trustee and Executive Committee Member for the Greater
Cleveland Sports Commission. Mr. Greig earned a B.A. in economics from
Wheaton College and an M.B.A. from DePaul University.

Opus Bank is an FDIC insured California-chartered commercial bank with
$7.4 billion of total assets, $5.2 billion of total loans, and $6.1
billion in total deposits as of September 30, 2018. Opus Bank provides
superior ideas and solutions, and banking products to its clients
through its Retail Bank, Commercial Bank, and Merchant Bank. Opus Bank
offers a suite of treasury and cash management and depository solutions
and a wide range of loan products, including commercial, healthcare,
media and entertainment, corporate finance, multifamily residential,
commercial real estate and structured finance, and is an SBA preferred
lender. Opus Bank offers commercial escrow services and facilitates 1031
Exchange transactions through its Escrow and Exchange divisions. Opus
Bank provides clients with financial and advisory services related to
raising equity capital, targeted acquisition and divestiture strategies,
general mergers and acquisitions, debt and equity financing, balance
sheet restructuring, valuation, strategy and performance improvement
through its Merchant Banking division and its broker-dealer subsidiary,
Opus Financial Partners, LLC, Member FINRA/SIPC. Opus Bank’s alternative
asset IRA custodian subsidiary has approximately $14 billion of
custodial assets and approximately 49,000 client accounts, which are
comprised of self-directed investors, financial institutions, capital
raisers and financial advisors. Opus Bank operates 48 banking offices,
including 29 in California, 16 in the Seattle/Puget Sound region in
Washington, two in the Phoenix metropolitan area of Arizona and one in
Portland, Oregon. Opus Bank is an Equal Housing Lender. For additional
information about Opus Bank, please visit our website: www.opusbank.com.

Forward-Looking Statements

This communication includes forward-looking statements related to Opus
Bank’s plans, beliefs and goals. Forward-looking statements are neither
historical facts nor assurances of future performance. Opus Bank
generally identifies forward-looking statements by terminology such as
“outlook,” “believes,” “expects,” “potential,” “continues,” “may,”
“will,” “could,” “should,” “seeks,” “approximately,” “predicts,”
“intends,” “plans,” “estimates,” “anticipates” or the negative version
of those words or other comparable words. Any forward-looking statements
contained in this communication are based on Opus Bank’s current plans,
beliefs, estimates, expectations and goals. Such forward-looking
statements are subject to various risks and uncertainties and
assumptions relating to our operations, financial results, financial
condition, business prospects, growth strategy and liquidity that could
cause actual results to differ materially from those indicated by the
forward-looking statements, including, without limitation: market and
economic conditions, changes in interest rates, our liquidity position,
the management of our growth, the risks associated with our loan
portfolio, local economic conditions affecting retail and commercial
real estate, our geographic concentration in the western region of the
United States, competition within the industry, dependence on key
personnel, government legislation and regulation, the risks associated
with any future acquisitions, the effect of natural disasters, and risks
related to our technology and information systems. For a discussion of
these and other risks and uncertainties, see Opus Bank’s filings with
the Federal Deposit Insurance Corporation, including, but not limited
to, the risk factors in Opus Bank’s Annual Report on Form 10-K filed
with the Federal Deposit Insurance Corporation on March 14, 2018. If one
or more of these or other risks or uncertainties materialize, or if Opus
Bank’s underlying assumptions prove to be incorrect, Opus Bank’s actual
results may vary materially from those indicated in these statements.
These filings are available on the Investor Relations page of Opus
Bank’s website at: www.opusbank.com.

Opus Bank undertakes no obligation to revise or publicly release any
revision to these forward-looking statements, whether as a result of new
information, future developments or otherwise.

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